The Buttonwood Agreement & Wall Street

The New York Stock Exchange traces its roots to 24 brokers who signed an agreement under a tree in 1792. Here is how Wall Street grew from that deal into the center of global finance.

Under the buttonwood tree

On May 17, 1792, 24 stockbrokers signed the Buttonwood Agreement, named for a buttonwood (sycamore) tree on Wall Street where traders gathered. They agreed to trade only with each other and to charge a fixed commission of 0.25%. The street itself was named for a wall built by Dutch settlers in the 1600s.

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